Daily Digest 3/26 - Eurozone Faces Tough Bank Regime, China's Toxic Water
The agreement is what is known as a "bail-in", with shareholders and bondholders in banks forced to bear the costs of the restructuring first, followed by uninsured depositors. Under EU rules, deposits up to 100,000 euros are guaranteed.
The approach marks a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programmes.
What all investors can learn from Cyprus (westcoastjan)
These are lessons that depositors in Cyprus banks are learning to their cost. It would behoove international investors to take note as well.
To wit, the new EU bailout package accepted by Cyprus shuts down the island’s second-largest bank, Laiki, which will mean heavy losses for uninsured account-holders, many of whom are Russian oligarchs. In return, Cyprus gets a €10 billion ($13 billion) bailout and avoids the total collapse of its banking system. Only depositors with over €100,000 will be hit, while smaller depositors will be protected.
The Broken Euro (Nervous Nelly)
Your employer pays you in cash, because there are no electronic payments. Which is just as well, really, because you need cash. There are no automated payments such as direct debits, so you pay all your household bills in cash. Credit and debit cards are no longer accepted anywhere, so you buy all your shopping and petrol for your car with cash. You can't make phone or internet purchases.
If you have more than one account, you can't transfer money between your accounts. If only one of your accounts has ATM access, once that account is empty, you are stuck with no money.
Dale Vince, the founder of Ecotricity, explained that, “protecting wildlife and creating habitats is not just close to our hearts, it is central to what we do. We’re already making green energy to cut the carbon emissions that cause climate change, which in turn impacts habitats and wildlife. This partnership takes that one step further, making closer links between nature and green energy.
Why such a fuss about extinction? (jdargis)
Charles Darwin wrote of extinction in his landmark On the Origin of Species.
For him, the process of evolution involved new species gaining ground and others losing out. He certainly did not mourn the passing of the losers.
China's Toxic Water (jdargis)
On World Water Day, I'd like to share with you a strong collection of images from southern China, showing local activists fighting against industrial pollution in their waterways, and cancer sufferers in so-called "cancer villages", linked to pollution from hazardous chemicals. Earlier this year, China's environment ministry released a report officially acknowledging the existence of these villages for the first time and signaling its willingness to address toxic water pollution. Greenpeace reached out to World Press Photo award-winner Lu Guang and other photographers to bear witness and has allowed me to share their images here on World Water Day, in an effort to bring this environmental and human tragedy to the world's attention. Photos and captions were provided by the photographers and Greenpeace.
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